Promoters of beleaguered Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, have resigned from the company following market regulator Sebi’s interim order, according to an exchange filing.

Anmol Singh Jaggi held the post of managing Director, while Puneet Singh Jaggi was a whole-time director.

Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering (GEL) promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets till further orders in a fund diversion and governance lapses case.

The regulator also debarred them from holding the position of a director or key managerial personnel in Gensol until further orders, while directing Gensol Engineering Ltd to put on hold the stock split announced by it.

GEL in the exchange filing stated that Anmol Singh Jaggi and Puneet Singh Jaggi have tendered their resignation. They shall also cease to be a Member of the various committees of the company.

Citing the Sebi order of April 15, 2025, as the main reason for the resignation, the company stated as per the resignations, they relinquished charge of their posts “with effect from the close of business hours on May 12, 2025”.

The Sebi order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.